The Airport Council International (ACI) warned in a letter to the European Union on 9th April that airports risk a 'systemic shortage' of jet fuel if the Strait of Hormuz is not fully reopened within three weeks, according to multiple media reports. Jet fuel prices stood at around $1,562 per tonne on Wednesday, more than double the levels before the conflict.
'The situation within the next three, four weeks can become systemic, so you can have severe cuts of flights in Europe already starting in May and June,' Claudio Galimberti, chief economist at Rystad Energy, was quoted as saying by CNBC.
